NIS, a Liechtenstein-based asset management firm founded by Takashi Sato, will remain the majority shareholder of the Indian lender, a company statement said. NIS has invested $2 billion globally in equity, debt and alternative assets. Its investors include institutions, ultra-high net-worth individuals and large family offices in Japan, Asia and Europe, according to the statement.

The round takes the total amount of equity capital DMI has raised since inception in 2008 to $700 million, the statement said.

DMI Finance said it will use the funds to grow its digital and consumer finance businesses as also the mortgage lending business under unit DMI Housing Finance Pvt. Ltd.

“DMI intends to be the credit partner of choice in the rapidly-growing retail and MSME credit segments. Raising $230 million of equity in a tough environment for NBFCs is meant to underscore that commitment,” co-founder Shivashish Chatterjee said.

Yuvraja C. Singh, the company’s other co-founder, said DMI entered retail lending five years ago and has had a positive experience so far. “With others facing balance sheet pressure, given the lack of liquidity, we feel now is a good time to make further investments in the business and hopefully grab market share,” he said.

DMI Finance was founded in 2008 by former Citigroup executives Chatterjee and Singh. In 2013, the Burman family of consumer goods maker Dabur India picked up a stake in DMI Finance.

The company has been in the real estate financing segment since inception. In 2013, DMI bought an equity stake in Alchemist Asset Reconstruction Company Ltd. The following year, DMI had ventured into retail housing finance through DMI Housing.

According to an October 2018 Brickworks ratings report, DMI Finance is 90% owned by Mauritius-based investment company DMI Ltd. The Delhi-based company has about 500 employees across 44 offices and manages assets of over Rs 6,000 crore.